Report Shatters Myths about BC’s Resource Economy

Former top economist from Statscan debunks 7 common misconceptions

Phillip Cross, former chief economic analyst of Statistics Canada, released a report today addressing the importance of the resource sector to British Columbia’s economy. In it, he debunks seven common myths about British Columbia’s resource sector-driven economy.

His report was commissioned by Resource Works, a new non-profit organization dedicated to conducting research and raising public awareness about the natural resource sector to British Columbians.

“We are very proud of this report. Good decisions require good data and this type of detailed economic modelling about British Columbia’s resource sector simply hasn’t been done before,” said Lyn Anglin, Resource Works’ Advisory Council Chair. “We plan to demonstrate how a natural-resource sector that is safe, creates widespread employment, and drives innovation is desirable for BC.”

The Advisory Council is a diverse group of accomplished and recognized British Columbians.

“It is just the start,” said Stewart Muir, executive director of Resource Works. “Our mission is to help British Columbians better understand the link between resource development and the daily lives of everyone in the province.”

One of Mr. Cross’s key findings is that the majority of BC jobs created as a result of growth in the resource sector are in the Lower Mainland.

“A 10% boost in BC’s natural-resource economy would mean an extra $2.137 billion in BC’s GDP, an extra $4.5 billion across Canada, and more than 29,000 new jobs in BC,” said Phillip Cross. “And 55% of those jobs would be in the Lower Mainland, with the rest spread across the province.”

A copy of Mr. Cross’s report can be found here: http://www.resourceworks.com/publications.html

A copy of “The 7 myths” presentation can be found here: http://www.resourceworks.com
Resource Works is an independent Society open to participation by British Columbians from all walks of life who are concerned about their future economic opportunities. It is a response to the widespread observation that economic literacy is a factor in meaningful public discourse on matters central to the quality of life of British Columbians.

Resource Works communicates with British Columbians about the importance of the province’s resource sectors for their personal well-being. It demonstrates how responsible development of British Columbia’s resources creates jobs and innovation throughout the province, both directly and indirectly, while maintaining a clean and healthy environment. And Resource Works shows how the long-term economic future of British Columbia including the Lower Mainland depends on the responsible development and extraction of the province’s resource wealth.

Resource Works is concerned with the general state of the resource economy and although studying this requires looking at individual aspects, we are not a lobby group for any specific project.

Among other goals, we want to become the place that the public looks to for responsible, reliable fact-based viewpoints.

Stewart Muir is founding executive director of the Resource Works Society. A historian and award-winning journalist with a passion for the natural legacies of British Columbia, he has served as a director of The Nature Trust of British Columbia and contributed to the upcoming book The Sea Among Us: Life and History of The Strait of Georgia. While business editor and later deputy managing editor of The Vancouver Sun, Muir made economic coverage compelling for a general audience.z

 

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